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 Real estate value in Turkey regresses in Q1 2010

The data released by the Turkish Statistical Institute (TUIK) on June 4, based on the construction permits issued by local authorities in Turkey, show that in the first quarter of 2010, the new floor area, the number of new buildings and the value of new buildings in the country decreased by 10.3 percent, 16.5 percent and 5.1 percent respectively, while the number of new dwelling units fell by one percent, all compared to the corresponding period of the previous year.

Meanwhile, in the given period, based on construction permits issued, the number of new residential buildings regressed by 12.4 percent year on year to 19,399. Also in the January-March period of 2010, the floor area of new residential buildings fell by four percent year on year, reaching 19,454,042 m2.

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